US Dollar/Japanese Yen (USDJPY) met our 125.50 initial upside target this morning (June 5th), which was first discussed in our January 26th Keys To This Week report (access requires subscription), to capture a 5% advance in a little more than 4 months.
From that report:
“Chart 6 shows that USDJPY has been in the midst of sideways investor indecision since December 8th, following a sustained uptrend since July 2014. These periods of investor indecision are typically resolved in the direction of the trend that preceded them, which in this case would be positive for USDJPY. A close above the pattern’s 119.85 upper boundary would confirm the resumption of its larger bullish trend and target an additional 5% rise to 125.50.”
The next chart is a newly- updated version of the one from our January 26th report.